United States reconsiders 'zero tolerance' policy on Iran oil imports

US considers sanction waivers on countries reducing imports of Iranian oil

With Iran sanctions still on the table, potential spare capacity constraints and also a slowdown in US drilling, USA bank J.P.Morgan said in its latest cross-asset outlook for clients that it recommended to "stay long Jan '19 WTI on supply risks to crude".

The official said the administration "is ready to work with countries that reduce their imports on a case-by-case basis".

A United States government official, who spoke on the grounds of anonymity, said the Trump administration is "in the midst of an internal process" of considering exceptions called SRE waivers, or significant reduction exemptions.

In a sign that Iran oil exports won't fall to nothing from November, India will buy 9 million barrels of Iranian crude next month, Reuters reported on Friday.

Iran accounts for 10% of India's crude oil imports, making it the second largest importer of Iranian oil behind China.

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Two Indian companies have placed orders to buy Iranian oil in November, petroleum minister Dharmendra Pradhan said on Monday, adding that India does not yet know if it will be granted a waiver from U.S. sanctions on Iran.

Meanwhile, the Trump administration was in discussions with countries that want to continue buying Iranian oil after sanctions are reimposed early next month, according to two US officials.

White House National Security Adviser John Bolton said on Thursday that the administration's goal was that there be no waivers and "exports of Iranian oil and gas and condensates drops to zero".

India has a strong trade and diplomatic relationship with both Iran and the US. The sources said India and Iran are discussing reverting to rupee trade after November 4. Saudi Arabia and its allies have raised output to offset declining supply from the Persian Gulf nation and the kingdom can tap its spare capacity immediately to boost production further, the Saudi crown prince said in an interview. The bulk of spare capacity is held by Saudi Arabia. He said that nine million barrels of oil are expected to be purchased.

Prince Mohammed told Bloomberg: "The request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that".

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